Int'l Islamic rating agency assigns Turkey first credit rating

Accordingly, the agency assigned BBB- for long-term local currency obligations, BB for long-term foreign currency obligations, A-3 for short-term local currency obligations and A-3 for short-term foreign currency obligations.

In the national Scale, Turkey was assigned AAA for long-term obligations and A-1 for short-term obligations.

"Turkey is a candidate country to join the European Union (EU) and many of its strategies have been geared to further this objective. According to the Turkish Central Bank's publications, the country is sensitive to the global environment and increasingly volatile external environment caused by the sub-prime mortgage crisis and rising food and energy prices. Going forward IIRA will continue to monitor the potential impact of these factors on the country since this could have substantial bearing on the credit standing," IIRA said in statement.